If you missed the Multifamily Mastery Meetup this month (11/7), you missed out on valuable insight and strategy. This month we featured Steven Haring who spoke about his experience with creative finance and getting deals done in a tough environment.
Steven is a full-time real estate investor and is a northeast leader of Pace Morby’s Subto community. Steven is the co-founder of manifestagents.com, which is a community of investor-friendly real estate agents driven to help each other manifest deals and wealth.
Steven is also the founder of Manifest Investors a real estate investment firm specializing in wholesaling off-market real estate properties with value-add for investors.
Steven’s ethos is collaboration over competition, and he’s focused on cultivating relationships with others who have the same mentality to push each other to maximize potential and success. Most importantly, Steven’s WHY is to break the generational curses of poverty and build generational wealth for his wife and two sons.
Throughout the interview with Steven, we continually hit upon a motif: collaboration over competition. In the multifamily world, this is especially important as a team of professionals is needed to build effectively.
Steven covered a diverse range of creative finance techniques from seller finance, to loan assumption, to subto. He talked about the common pitfalls and the legality behind these strategies. My personal favorite is seller finance. To me, seller finance is the king of creative finance in the real estate world. It's simple, clean, legal, and a win for all parties involved. There is everything to like about it. I personally have done several seller finance deals and will recommend it over every other strategy.
The most important takeaway learned from this meetup...the sky is the limit with creative finance. There is no set structure, and as long as everything is done properly and legally, creative finance can get deals done in even the most difficult environments.
Here are some major takeaways we learned:
Collaboration over competition
The sky is the limit with the structure
Find out what matters to the seller
Creative finance is not always the answer
Don't overdo the structure, try to keep it simple.
Understand the legalities behind each strategy.
Creative finance is common now, almost expected.
Always explore all options.
Business Book of the month:"The Gap and the Gain" by Dan Sullivan
What's coming up!?
Dec 5th @ 6:30 - Coming soon...
Real Estate Moguls
Industry Professionals and Panels
More to come...